Problem 3-8A Preparing closing entries, financial statements, and ratios LO C3, A1, P2 MCCNEB CUSTOM

The adjusted trial balance for Montague Contracting as of December 31, 2018, follows.

MONTAGUE CONTRACTING Adjusted Trial Balance December 31, 2018
No.	Account Title	Debit				Credit
101	Cash	$	5,000
104	Short-term investments		22,500
126	Supplies		9,400
128	Prepaid insurance		8,900
167	Equipment		55,000
168	Accumulated depreciationEquipment					$	27,500
173	Building		174,000
174	Accumulated depreciationBuilding						58,000
183	Land		50,090
201	Accounts payable						17,500
203	Interest payable						2,800
208	Rent payable						3,700
210	Wages payable						3,000
213	Property taxes payable						1,500
233	Unearned professional fees						7,600
251	Long-term notes payable						67,500
307	Common stock						5,000
318	Retained earnings						123,600
319	Dividends		10,700
401	Professional fees earned						99,000
406	Rent earned						16,000
407	Dividends earned						2,800
409	Interest earned						2,900
606	Depreciation expenseBuilding		12,760
612	Depreciation expenseEquipment		8,250
623	Wages expense		29,000
633	Interest expense		3,400
637	Insurance expense		8,600
640	Rent expense		12,900
652	Supplies expense		5,700
682	Postage expense		4,200
683	Property taxes expense		3,200
684	Repairs expense		8,600
688	Telephone expense		3,000
690	Utilities expense		3,200
	Totals	$	438,400			$	438,400

The December 31, 2017, credit balance of the Retained Earnings account was $123,600. Montague Contracting is required to make a $8,500 payment on its long-term notes payable during 2019. Required: 1. Prepare the necessary closing entries at December 31, 2018.

a. Record the entry to close revenue account(s).

b. Record the entry to close expense account(s).

c.Record the entry to close income summary.

d.Record the entry to close the withdrawals account.